Tucson Midyear Housing Market Report October 2013
The Tucson, Arizona real estate market has been on the rebound since it hit bottom in late 2011. So far this year we have seen multiple offers on cherry properties that are priced to sell and are found to be in stellar condition. The real estate market has not only improved in Tucson but Phoenix, Green Valley, Sierra Vista, and other Southern Arizona areas as experiencing a housing market upswing.
Tucson, Arizona Market Conditions
When evaluating the real estate market one important indicator to notice is the months of inventory. In a balanced estate market the months supply of homes on the market or the rate of the homes sales is approximately 6 months. By definition a balanced real estate market implies the number of homes currently on the market divided by the number of homes sold in the last 6 months.
The Tucson real estate market is a local market, this simply means that each neighborhood or community has market conditions within that area. Not all neighborhoods or communities in Tucson are considered a “balanced” market.
In Tucson many of the low end pricing favors the sellers right now. For example, one of the Vallee Gold Team listings priced under $250,0000 received two offers the first day on the market for list price. In 2012 the average days on market for a home in Tucson was 82 versus today at 61.